Regarding the perfect deal: 130 unit apartment #complex located in any of the cities cited below (in your email), in an area with good schools and low crime level, with 80 something percent occupancy rate, with clear value-add potential and rent that are below market. We’d be fine acquiring a fixer-upper, putting a solid property manager to manage it, and achieving better occupancy rates and raising rents once the work is done. Price wise – we’re looking to buy starting at 7.5 cap rates. Anything below this level doesn’t leave us enough spread with respect to financing rates. Max spend wise, our cap is around $6.5 mil, where we’d likely get a 75% LTV.

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